Shares of Fastly, Inc. (NYSE:FSLY – Get Free Report) were up 8.1% during mid-day trading on Thursday . The stock traded as high as $6.43 and last traded at $6.40. Approximately 2,027,297 shares changed hands during trading, a decline of 46% from the average daily volume of 3,776,693 shares. The stock had previously closed at $5.92.
Analyst Upgrades and Downgrades
FSLY has been the topic of a number of analyst reports. Craig Hallum decreased their target price on shares of Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Morgan Stanley dropped their price objective on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, August 27th. Raymond James decreased their price target on Fastly from $13.00 to $8.00 and set a “strong-buy” rating on the stock in a research report on Thursday, August 8th. Finally, Piper Sandler downgraded shares of Fastly from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $10.00 to $6.00 in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $7.81.
Fastly Price Performance
The business’s 50-day simple moving average is $6.85 and its 200 day simple moving average is $9.30. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $853.99 million, a P/E ratio of -6.24 and a beta of 1.21.
Fastly (NYSE:FSLY – Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The firm had revenue of $132.37 million for the quarter, compared to analyst estimates of $131.62 million. During the same quarter in the previous year, the firm posted ($0.32) EPS. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Sell-side analysts forecast that Fastly, Inc. will post -0.96 earnings per share for the current year.
Insider Buying and Selling
In related news, CTO Artur Bergman sold 19,889 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $5.96, for a total value of $118,538.44. Following the transaction, the chief technology officer now directly owns 6,205,000 shares of the company’s stock, valued at approximately $36,981,800. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CTO Artur Bergman sold 19,889 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $5.96, for a total transaction of $118,538.44. Following the sale, the chief technology officer now directly owns 6,205,000 shares of the company’s stock, valued at approximately $36,981,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ronald W. Kisling sold 12,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $7.27, for a total transaction of $87,240.00. Following the completion of the sale, the chief financial officer now owns 593,506 shares in the company, valued at approximately $4,314,788.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 155,450 shares of company stock valued at $990,251. 6.70% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Fastly
Large investors have recently bought and sold shares of the business. Jennison Associates LLC purchased a new stake in shares of Fastly in the 1st quarter worth $13,724,000. First Trust Advisors LP boosted its position in Fastly by 21.8% during the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock valued at $99,443,000 after purchasing an additional 998,749 shares in the last quarter. Vanguard Group Inc. grew its stake in Fastly by 5.1% in the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock valued at $176,152,000 after purchasing an additional 657,334 shares during the last quarter. Point72 Asset Management L.P. lifted its position in shares of Fastly by 461.5% during the second quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after buying an additional 621,680 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in shares of Fastly by 94.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock valued at $12,453,000 after buying an additional 466,560 shares in the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.
Fastly Company Profile
Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer’s applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.